China Passenger Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

China Passenger Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

The China Passenger Vehicles Lubricants Market size is estimated at 3.08 Billion Liters in 2024, and is expected to reach 3.43 Billion Liters by 2026, growing at a CAGR of 5.53% during the forecast period (2024-2026).

Key Highlights

• Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type due to their high volume requirements and short drain intervals, as they are used in high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission & Gear Oils : Increasing electric vehicle (EV) sales and the use of automatic transmissions in the country are expected to enhance transmission oils' demand throughout the forecast period.

China Passenger Vehicles Lubricants Market Trends

Largest Segment By Product Type : Engine Oils

• In China, among all product types, engine oils accounted for a share of 80.17% of the total passenger vehicle (PV) lubricant demand during 2020. During 2015-2019, the overall engine oil consumption increased at a CAGR of 7.95% due to a rise in travel rates of the domestic passenger vehicle fleet.
• During 2020, PV engine oil consumption recorded a growth rate of 1.42%, while grease recorded negative growth of 6.26%. This negative trend in grease demand was majorly due to COVID-19 restrictions, which considerably reduced vehicle use and greater service requirements for greases.
• Over the forecast period, the transmission oil segment is likely to be the fastest-growing segment with a CAGR of 7.5%. The growing demand for vehicles with automatic transmission systems is projected to drive the demand for transmission oils in the country over the coming years.

China Passenger Vehicles Lubricants Industry Overview

The China Passenger Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 72.34%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc (sorted alphabetically).

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• The market estimate (ME) sheet in Excel format
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